Res 721 8/28/1967RESOLUTION NO. 7,,0/
WHEREAS, the Board of Aldermen of the City of Wichita
Falls, Texas, has called an election to be held on September
28th, 1967 on the question of the adoption of a local one
percent (1%) sales and use tax within the City of Wichita
Falls ; and,
WHEREAS, the Board of Aldermen intends to call an
election to be held on September 28th, 1967 on the question
of the issuance of bonds for certain capital improvements;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN
OF THE CITY OF WICHITA FALLS, TEXAS, THAT:
It is the intention of the Board of Aldermen that,
in the event said sales tax is approved and the issuance of
all or part of the capital improvement bonds is approved,
there shall be no net increase in the ad valorem tax rate as
the result of the issuance of said bonds, as long as the pro-
ceeds from such sales tax equal or exceed the amount needed
to service and retire such bonds . The law provides that the
City may not pledge anticipated revenue from the sales tax
to secure the payment of bonds; however, the proceeds received
from the sales tax shall be placed in the general fund, and
that portion of the ad valorem tax rate allocable to the
general fund shall be reduced in an amount equal to any in-
crease in that portion of such ad valorem tax rate allocable
to the interest and sinking fund which results from the issuance
of such capital improvement bonds .
PASSED AND APPROVED this the 28th day of August, 1967 .
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M A ' O R
ATTEST:
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City Clerk